SPX, NDX and DJX today’s ratio levels and comment

No change in the NZ yet in the SPX but it is looking ever more likely, however it is just rather tedious they are not just getting on with it.

In the meantime the ratios below the zone have given up a little of the ground they made yesterday.

Although yesterday the high was 2481.24 which was no doubt a test of Y2 at 2480, revealing a degree of sensitivity, we feel that if it were not for the DJX (see below) then this level might not have proved so effective.

Therefore we have not changed our trading range but please be aware of this level.


Range:            2430  to  2505

Activity           Moderate

Type:              On balance bearish




There has been a bit of movement in the NDX’s ratios, but hardly enough to change the overall picture.

Below the zone R1 drops back to 5300 whereas above it Y2 comes in slightly, but even so it is still a distance away from being in the frame.

Activity remains decent it is just it is still so underdeveloped anything is going to look good, the real aspect that needs to change is far greater development of the ratios themselves.


Range:            5825  to  6000

Activity:          Good

Type:              Bullish



This may seem a little strange in the DJX but we are taking the high of 21670 as a hit of R1 at 21700.

This  is all due to the circumstance as 30 points shy even on a twenty thousand point index is at the limit of the range really, but just before the market opened the futures were showing the level to be as just above 21700.

It did actually open up 125 points then in the next blink it hit the high of the day and then never went near there again.

However it is not only this but the SPX went as high as 2481.24 and although the DJX retreated from its high this index hardly gave back any ground.

Also it seems that this has evidently somewhat startled the players as we have our first day of zero activity, by our measurement.


Range:            21500  to  21700 

Activity:          Did not register

Type:              N/A

July 26th, 2017 by